Chanchal Singh is a content strategist at Paisabazaar.ae, focused on banking and finance-related content for the UAE market. With over 2 years in insurance & finance content, she specialises in making personal finance simpler for individuals and businesses. She breaks down complex financial concepts into clear, actionable insights, enabling you to evaluate options and make informed decisions through research-driven, user-centric content.
Reviewed ByRavindra DhakarProduct Manager
Ravindra Dhakar
Product Manager
With 4+ years of experience in banking and financial services, Ravindra Dhakar serves as a Product Manager at Paisabazaar.ae, specialising in banking and finance products. He is adept at developing customer-centric financial solutions, optimising product strategies, and driving innovation across lending, payments, and consumer banking to enhance financial accessibility and user experience.
The FAB, or the First Abu Dhabi Bank, is known across the UAE for its exceptional financial solutions that provide the required assistance to the customer at efficient rates. The bank offers various types of plans related to a personal loan in UAE, with the FAB buyout loans being one of the top products in the category.
Having a personal loan and its repayment can often prove exhausting. To counter this, FAB offers buyout loans that allow the transfer of your current loans to a FAB personal loan with greater funds and benefits. So if you are interested in learning more about this personal loan in UAE, continue reading this article and find all the details about FAB buyout loans.
FAB buyout loans are great alternatives to poor-quality loans if you wish to enjoy various competitive benefits. Let's take a look at some noteworthy advantages of the loan.
Option to Avert the Poor Loan Plan - The high point of this type of FAB personal loans is that they allow you to transfer your unmanageable loan to a value-packed loan. Moreover, the FAB makes the loan transfer process quite easy with its quick approvals and minimal documentation requirements.
Flexible Repayment Options - The FAB buyout loans let users select a repayment tenure of their choice of up to 4 years. Such a long repayment term can ease your repayment struggles and allow you to pay the loan amount as per your comfort. The FAB bank also offers the special privilege of a tenure period of up to 5 years to Defence Ministry employees.
High Financing Limit - All the FAB personal loans have one benefit in common: they provide suitable financing tailored to your economic needs. With the help of such suitable financing, you can easily utilise a personal loan in UAE for vacation, education, medical costs, and home renovation.
Nominal Interest Rates - Repayment of a loan is challenging if you have a plan with high interests or similar conditions. However, you can now easily transfer the loan to FAB and avail of a considerable amount for your needs at reasonable interest rates. And that’s not all - FAB also offers a suitable grace period that saves you from late repayment charges.
Eligibility Criteria for FAB Buyout Loans
Now that you are aware of all the salient features of the FAB buyout personal loan in UAE, let’s have a look at the criteria that determine whether you are eligible for the loan or not.
Minimum Age Requirement
21 years
Employment Criteria
Employees from government, semi-government, and legitimate private organisations are eligible
Minimum Employment Period with the Employer
More than 6 months or confirmed employment
Income Salary for FAB Buyout Loans
Listed below is the minimum salary requirement specified by the bank to consider you eligible for this FAB personal loan.
Salary Criteria
At least AED 7,000 per month
Interest rates for FAB Buyout Loans
The interest rates, as previously discussed, are modest and reasonable. Refer to the following table to check the current interest rates for buyout personal loans at FAB.
Interest Rates for FAB buyout loans
3.79% for UAE nationals
3.99% for expatriates
Documents Required for FAB Buyout Loans
To transfer your current loan to the FAB Buyout loan, you would need to present the following documents to the bank:
Liability letter or clearance letter from the previous bank
Completed application form
Last three month's bank account statements stating salary credits
Original and copy of Emirates ID (UAE Nationals)
Original and copy of passport and residential Visa (Expatriates)
How to Apply for FAB Buyout Loans?
One can easily apply for this type of FAB personal loan from the official website of the bank or by visiting one of the branches nearby. Given below are the steps to be followed for each method:
Applying Online
Step 1 - Visit the official website of the FAB bank. Search for the personal loan in UAE on the website by looking for the plans under the category ‘Loans’.
Step 2 - You will be able to view all the available FAB personal loan plans after completing the previous step. Click on any plan of your choice (FAB buyout loans, in this case) to view all the details related to the plan like eligibility criteria, terms and conditions, and more.
Step 3 - Click on ‘Apply Now’ in front of the plan of your choice to initiate the application process. You will be required to provide a few details like your income, contact details, and more here.
Step 4 - Once you provide the details and submit your application, you will be contacted by the bank to assist you further with the procedures.
Applying Offline
You can also apply for this FAB personal loan in UAE offline. In this mode of application, you will be required to visit a nearby FAB bank branch and seek an application form for the plan of your choice. After filling it out, you can submit it with the specified documents to the bank.
FAQs
How much discount is offered to Gold Elite customers on processing fees?
The Gold Elite customers are offered a 25% discount on the processing fees of FAB buyout loans. However, as the schemes may alter as per time and the applicant, one must verify the processing fees with the bank at the time of application.
Can I take the FAB buyout loan if I already have a personal loan with FAB?
No, you can't take the FAB buyout transfer loan if you already have a personal loan in UAE with FAB.
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FAB Buyout Loans - Compare & Apply for FAB Buyout Loans in UAE. Check Interest rate, Eligibility, Document Requirement, Income,& more
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